Manappuram average gold-loan ticket rises to Rs 1.38 lakh

MANAPPURAM FINANCE LIMITED reported a standalone average gold-loan ticket of Rs 1.38 lakh in Q2FY27, up from Rs 1.33 lakh in Q1FY27, while gold assets under management (AUM) per branch increased to Rs 16.2 crore from Rs 15.5 crore. Its standalone customer base also rose by 0.8 lakh sequentially to 27.3 lakh.

Why did Manappuram's average gold-loan ticket rise?

Manappuram's average standalone gold-loan ticket rose to Rs 1.38 lakh in Q2FY27 from Rs 1.33 lakh in Q1FY27 and Rs 1.28 lakh in FY26. The presentation does not assign the increase to a specific product, customer cohort or distribution channel. The reported ticket was Rs 68,000 in FY25, compared with Rs 58,000 in both FY24 and FY23, showing that the larger increase occurred between FY25 and FY26.

The higher average ticket coincided with a larger customer base. Manappuram reported 27.3 lakh standalone gold-loan customers in Q2FY27, versus 26.5 lakh in Q1FY27, 25.2 lakh in FY26 and 24.4 lakh in FY25. The data therefore show growth in both the reported number of customers and the average loan amount, rather than a disclosed shift towards fewer borrowers with larger loans.

How much did Manappuram's branch productivity increase?

Manappuram's standalone gold AUM per branch increased to Rs 16.2 crore in Q2FY27, from Rs 15.5 crore in Q1FY27 and Rs 13.9 crore in FY26. The measure was Rs 7.0 crore in FY25, Rs 5.9 crore in FY24 and Rs 5.4 crore in FY23. The presentation thus records a higher gold-loan AUM amount attached to each branch over the reported periods.

Gold holdings rose to 66.5 tonnes in Q2FY27 from 64.2 tonnes in Q1FY27 and 60.1 tonnes in FY26. Loan-to-value ratio (LTV), which measures the loan amount relative to the pledged gold value, was 64.5% in Q2FY27. That was 1.1 percentage points below 65.6% in Q1FY27 but 7.2 percentage points above the 57.3% reported in FY26.

The Q2FY27 combination of Rs 16.2 crore of AUM per branch, 66.5 tonnes of holdings and a 64.5% LTV provides the reported context for branch productivity. The presentation does not disclose how much of the quarterly increase in AUM per branch came from branch additions, gold price changes, loan disbursals or changes in customer activity.

Where is Manappuram's gold-loan network located?

Manappuram's gold-loan network was concentrated in South India, which accounted for 63% of regional distribution in Q2FY27 and had 2,237 branches. North India represented 17% and had 595 branches, while East and West each represented 10%, with 367 and 350 branches respectively. The company separately listed 18 branches in Union Territories.

Tamil Nadu had 580 branches and Karnataka had 578 in Q2FY27, the two highest state-level branch counts disclosed, followed by Kerala with 479. Within the North, Uttar Pradesh had 141 branches, Madhya Pradesh had 121 and Rajasthan had 97. These counts show that the South-led network also has branch coverage across northern, eastern and western states.

Gold AUM was split 36% urban, 33% semi-urban, 22% metro and 9% rural in Q2FY27. This customer-location mix differs from the regional network distribution: South India represented 63% of branches, while urban and semi-urban locations together represented 69% of gold AUM. The presentation does not provide AUM amounts by region or location category.

What growth actions has Manappuram disclosed?

Manappuram identifies branch network expansion, online gold loans, business associates and direct selling agent (DSA) channel business, digital marketing, celebrity endorsement, local marketing, and product and scheme variants as gold-loan growth levers. Its Q2FY27 presentation says it plans to activate latent customers in its existing customer franchise and acquire customers through digital channels, dedicated teams, schemes and localised marketing.

Management also says it is revamping incentive schemes and providing employee training on new product variants to drive branch productivity. The company further states that it is expanding the branch network to reach a wider audience. It does not disclose a branch-addition target, a timeline for expansion, or a numerical target for customer activation in the Q2FY27 presentation.

The reported Rs 16.2 crore AUM per branch in Q2FY27 is the disclosed reference point against which execution of productivity initiatives can be assessed. Likewise, the customer base increased from 25.2 lakh in FY26 to 27.3 lakh in Q2FY27, but the presentation does not split that increase between existing-customer activation, digital acquisition, DSA activity or branch-led sourcing.

What other standalone indicators changed in Q2FY27?

Manappuram's gold yield was 18.0% in Q2FY27, compared with 17.7% in Q1FY27 and 17.1% in Q4FY26. Operating expenses as a share of AUM, or Opex/AUM, declined to 3.4% from 3.8% in Q1FY27 and 4.2% in Q4FY26. The gold yield was still below the 18.5% reported for FY26, while Opex/AUM was below the 5.1% FY26 figure.

Gross non-performing assets (GNPA) were 1.8% in Q2FY27, up from 1.6% in Q1FY27, while net non-performing assets (NNPA) increased to 1.2% from 1.1%. Return on assets (ROA) increased to 4.2% from 3.8%, and return on equity (ROE) increased to 15.7% from 13.7%. These quarterly movements show higher reported return ratios alongside increases in both GNPA and NNPA.

Capital-to-risk weighted assets ratio (CRAR) was 22.4% in Q2FY27, compared with 21.3% in Q1FY27 and FY26. Standalone net worth rose to Rs 171.09 crore in Q2FY27 from Rs 164.03 crore in Q1FY27, based on the presentation's reported values. The presentation reports these capital and balance-sheet indicators separately from the operational gold-loan measures.

Conclusion

Manappuram's Q2FY27 disclosure indicates that its standalone gold-loan operation expanded through both a higher average ticket and a larger customer base. The average ticket reached Rs 1.38 lakh, customer count reached 27.3 lakh, and gold AUM per branch reached Rs 16.2 crore. Higher gold holdings of 66.5 tonnes accompanied those operating measures, while LTV eased sequentially to 64.5%.

What to watch next is execution of management's disclosed plans to activate existing customers, acquire borrowers through digital channels, train employees, revise incentives and expand the branch network. The presentation gives no numerical targets or timetable for those actions, making subsequent changes in customer base, average ticket and AUM per branch the available reported measures of progress.